Gulf Oil Lubricants India Q4 Results Review - Well-Oiled, Momentum Continues To Build: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Gulf Oil Lubricants India Ltd. reported a stellar set of Q4 numbers with Ebitda/profit after tax growth of 31%/37% YoY, its second-best in the last eight quarters (barring the low base driven growth seen in Q1 FY23). Volume growth of 15.6% YoY was also solid and has been delivering as per management’s guidance of above-industry/peer growth over the next two–three years. Core lubricant/Adblue volumes of 37 million litres each (+2.8/32.1% YoY) were broadly in-line, but Ebitda margin of 13.7% (highest in eight quarters, up 260 bps YoY/20 bps QoQ) was a pleasant surprise. We continue to remain positive on Gulf Oil Lubricants’ prospects over the next two–three years, with steady volume growth, stronger margins and limited threat from enterprise values at least in the next three–five years. Valuations of 13.2 times FY26E earnings per share/ 8.7 times EV/Ebitda are attractive. Maintain Buy..Click on the attachment to read the full report: .DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Gulf Oil Lubricants India Q4 Results Review - Well-Oiled, Momentum Continues To Build: ICICI Securities

Margin growth surprises positively

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